REGISTERED NUMBER: 10935716 (England and Wales)

UAC CYF. FUW LTD.

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

E G N Evans

S L Jones

S A Longworth FCA

D T Williams

I T Rickman - Chair

G A O Bebb

D T Miles

E W Williams

G I Lloyd

SECRETARY:

S A Longworth FCA

REGISTERED OFFICE:

Llys Amaeth

Plas Gogerddan

Ceredigion

SY23 3BT

REGISTERED NUMBER:

10935716 (England and Wales)

SENIOR STATUTORY AUDITOR:

Henry Lloyd Davies

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

The directors present their strategic report for the year ended 31 March 2025.

The FUW Group continued to grow revenues and has begun to invest in improving the agility and services of the businesses of the Group to achieve the strategic plan despite potentially volatile markets over the next 2 years.

Continued growth is budgeted over the next three years, although increased Corporation Tax is a significant new burden to the Group.

The insurance broker FUW Insurance Services Ltd is proud of its strong partnerships with key providers in the insurance markets.

Loyal customers of FUW Insurance Services Ltd and members of FUW continue to support a strong retention component of business.

REVIEW OF BUSINESS

Revenues for the company have not increased, but costs have increased through inflation and increased efforts in lobbying government to secure sustainable terms for Welsh farmers under the new SFS system commencing 2026.

Turnover for the company was static at £1.02m (2024: £1.04m), but inflation and investment increased the overheads significantly. As a result, the losses before taxation deepened to £(296,133) (2024: £(148,792)). After taxation, the company deficit was £(301,709) (2024: £(149,371)). Total Net Liabilities of the company £(1,216,093) at the year-end (2024: £(914,384)).

Both performance position are being addressed through a Member Services project and an additional final dividend voted of £400,000 from FUW Insurance Services Ltd in September 2025 following the year end.

FUW Insurance Services Ltd, a 100% subsidiary, is the prime driver of performance and position of the Group.

Figures and commentary on this may be read in the consolidated accounts of UAC CYF. FUW LTD.

PRINCIPAL RISKS AND UNCERTAINTIES

Interest rates and payroll investments added costs to the company. Increased costs of National Insurance are pressuring the business following the year end. The commercial and political future of Welsh agriculture is an area of major uncertainties and the Group carries out scenario assessments. The Board of the company and the Boards of the Group are actively looking to improve profitability in their strategic plans. There has been no recessional impact on the business and the Board believes it has sufficient resources and flexibilities to continue to develop and operate profitable, commercial activity serving the Group's members across Wales and customers across Wales and beyond for the foreseeable future. The change to SFS as the mechanism for agricultural subsidy in Wales requires a reconfigured Member Services Team and this is a project that includes opportunities to reduce losses and build reserves.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross profit, operating profit and profit before taxation as set out in the Consolidated Statement of Comprehensive Income.

ON BEHALF OF THE BOARD:

I T Rickman - Chair - Director

6 October 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

UAC CYF. FUW LTD (www.FUW.org.uk), a company limited by guarantee, is the parent company of the FUW Group. It reinvests all of its surpluses from the delivery of Group services to support farming and rural communities across Wales.

At the Farmers' Union of Wales (Undeb Amaethwyr Cymru), we know that family farms in particular are at the heart of our rural economy, caring for our landscape, and of course our culture; and they make innumerable other contributions to the well-being of Wales and the UK.

Each of the 13 historic counties of Wales have a dedicated team of staff to work with and support each County Committee of Members tailoring our support to the varying social, physical and economic 'landscapes' of our farming industry.

UAC CYF. FUW LTD has 2 wholly-owned subsidiaries:

*

FUW Insurance Services Ltd (www.fuwinsurance.co.uk) is a leading agricultural insurance broker in Wales. Their history and their close operational ties with UAC CYF. FUW LTD provide an unique insight and understanding of the risks faced within the agricultural sector. The ethos of "Live local, work local, insure local" means that we provide insurance services to all the communities of Wales whilst offering a particular level of affinity with the agricultural sector. The surplus profits of the business financially supports the parent company to better serve the Members of the Union and the wider rural communities across Wales.

*

FUW Properties Ltd holds some property for group use and a small private business.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

E G N Evans

S L Jones

S A Longworth FCA

D T Williams

I T Rickman - Chair

G A O Bebb

D T Miles

E W Williams

Other changes in directors holding office are as follows:

A F Gardner - resigned 25 June 2024

G I Lloyd - appointed 25 June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

I T Rickman - Chair - Director

6 October 2025

Opinion

We have audited the financial statements of UAC Cyf. FUW Ltd. (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its deficit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2019 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:

-

identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas;

-

the recognition of insurance commission that the company is not entitled to.

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;

-

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Henry Lloyd Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

6 October 2025

TURNOVER

1,021,617

1,045,319

Administrative expenses

(2,041,191

)

(1,892,088

)

(1,019,574

)

(846,769

)

Other operating income

25,854

809

OPERATING DEFICIT

4

(993,720

)

(845,960

)

Income from shares in group undertakings

720,030

720,020

(273,690

)

(125,940

)

Interest payable and similar expenses

5

(22,443

)

(22,852

)

DEFICIT BEFORE TAXATION

(296,133

)

(148,792

)

Tax on deficit

6

(5,576

)

(579

)

DEFICIT FOR THE FINANCIAL YEAR

(301,709

)

(149,371

)

DEFICIT FOR THE YEAR

(301,709

)

(149,371

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(301,709

)

(149,371

)

FIXED ASSETS

Tangible assets

7

689,208

707,866

Investments

8

-

-

689,208

707,866

CURRENT ASSETS

Debtors

9

501,478

540,056

CREDITORS

Amounts falling due within one year

10

2,398,895

2,159,998

NET CURRENT LIABILITIES

(1,897,417

)

(1,619,942

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,208,209

)

(912,076

)

PROVISIONS FOR LIABILITIES

14

7,884

2,308

NET LIABILITIES

(1,216,093

)

(914,384

)

RESERVES

Other reserves

15

303,145

303,145

Income and expenditure account

15

(1,519,238

)

(1,217,529

)

(1,216,093

)

(914,384

)

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2025 and were signed on its behalf by:

I T Rickman - Chair - Director

Retained

Other

Total

earnings

reserves

equity

£

£

£

Balance at 31 March 2023

(1,068,158

)

303,145

(765,013

)

Changes in equity

Total comprehensive income

(149,371

)

-

(149,371

)

Balance at 31 March 2024

(1,217,529

)

303,145

(914,384

)

Changes in equity

Total comprehensive income

(301,709

)

-

(301,709

)

Balance at 31 March 2025

(1,519,238

)

303,145

(1,216,093

)

Cash flows from operating activities

Cash generated from operations

1

(801,267

)

(848,499

)

Interest paid

(22,443

)

(22,852

)

Net cash from operating activities

(823,710

)

(871,351

)

Cash flows from investing activities

Purchase of tangible fixed assets

(21,331

)

(8,901

)

Dividends received

720,030

720,020

Net cash from investing activities

698,699

711,119

Cash flows from financing activities

Loan repayments in year

(10,655

)

(8,951

)

Movement in Group Balances

139,303

46,977

Net cash from financing activities

128,648

38,026

Increase/(decrease) in cash and cash equivalents

3,637

(122,206

)

Cash and cash equivalents at beginning of year

2

(448,703

)

(326,497

)

Cash and cash equivalents at end of year

2

(445,066

)

(448,703

)

1.	RECONCILIATION OF DEFICIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

31.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Deficit before taxation

(296,133

)

(148,792

)

Depreciation charges

39,989

26,587

Finance costs

22,443

22,852

Finance income

(720,030

)

(720,020

)

(953,731

)

(819,373

)

Decrease/(increase) in trade and other debtors

33,692

(38,266

)

Increase in trade and other creditors

118,772

9,140

Cash generated from operations

(801,267

)

(848,499

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Bank overdrafts

(445,066

)

(448,703

)

Period ended 31 March 2024

31.3.24

31.3.23

£

£

Bank overdrafts

(448,703

)

(326,497

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Bank overdrafts

(448,703

)

3,637

(445,066

)

(448,703

)

3,637

(445,066

)

Debt

Debts falling due within 1 year

(30,833

)

10,655

(20,178

)

(30,833

)

10,655

(20,178

)

Total

(479,536

)

14,292

(465,244

)

1.	STATUTORY INFORMATION

UAC Cyf. FUW Ltd. is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional and Presentation Currency

The functional and presentational currency is pounds sterling.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Going concern

Inflation and the cost of labour put increasing pressure on profitability and the changes in National Insurance will continue to do so beyond the year end. There is a revision of Member Services in hand for 2026 and this will significantly improve performance - in quality to customers and in profitability to the company.

The Board of the company and the Boards of the Group are actively looking to improve profitability in their strategic plans. The Board believes it has sufficient resources and flexibilities to continue to develop and operate profitable, commercial activity serving the company's customers across Wales and beyond for the foreseeable future. The Board is not aware of any existing conditions or imminent situations that would mean that preparing the accounts for the year ended 30 March 2025 on a going concern basis would be inappropriate.

Intercompany indebtedness

FUW Insurance Services Ltd is a 100%-owned subsidiary of the parent company UAC CYF. FUW LTD. The insurance broking business of the Group provides cash-flows to the parent company for the benefit of the Members of the Farmers Union of Wales / Undeb Amaethwyr Cymru.

This results in an intercompany debt from UAC CYF. FUW LTD. to FUW Insurance Services Ltd. FUW Insurance Services Ltd periodically votes dividends with which UAC CYF. FUW LTD. discharges liabilities to the subsidiary.

Dividends of £0.73m were voted to the shareholder in financial year 2024-25, and a further final dividend of £0.4m is being voted after the year end. The aim is to reduce the intercompany loan over a three year period to the point it is no longer required as part of normal operations.

In the opinion of the directors of FUW Insurance Services Ltd, the debt owed to that company by UAC CYF. FUW LTD. is supported by the value of the shareholding held by UAC CYF. FUW LTD. and by the periodic dividend payments to UAC CYF. FUW LTD. FUW Insurance Services Ltd does not rely on the recovery of the intercompany debt for its solvency or liquidity. UAC CYF. FUW LTD. does not recognise the value of the Fixed Asset Investment of ownership of FUW Insurance Services Ltd on its balance sheet, but it is a multiple of the level of debt.

The Board of UAC CYF. FUW LTD. believes that permitting FUW Insurance Services to retain significant profits is essential to empower the subsidiary to continue to grow its profitability, and therefore cash-flows to the parent company, for the benefit of the Members. Therefore, the Boards of UAC CYF. FUW LTD. and FUW Insurance Services Ltd are of the opinion that the level of intercompany debt at 31 March 2025 does not alter their assertion that both companies should prepare their accounts on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results in the future may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Significant management judgements

The following are management judgements in applying the accounting policies of the Company that have the most significant effect on the amounts recognised in the financial statements.

i) Properties - The annual impairment review considers the book value of the properties held by the Company.

ii) Provisions and accruals - Management bases its judgements on the circumstances relating to each specific event and upon currently available information.

Trade debtors

Short term trade debtors are measured at transaction price, less any impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

Creditors

Short term creditors are measured at the transaction price. Bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities

Provisions are recognised when the company has a present obligation (legal or constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Turnover

Turnover all of which arose from activities within the United Kingdom, represents membership income received during the year less an allowance for cancellations.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Plant and machinery etc

-

Straight line over 5 to 10 years

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the relevant instrument. Financial assets are derecognised when the rights to receive benefits have expired or been transferred, and the company has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation is extinguished.

Non-derivative financial assets are classified as either loans and receivables or cash and cash equivalents. They are stated at amortised cost using the effective interest method, subject to reduction for allowances for estimated irrecoverable amounts. A provision for impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of those receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of estimated future cash flows, and is recognised in the income statement. For interest-bearing assets, their carrying value includes accrued interest receivable.

Cash and cash equivalents include cash in hand and deposits held on call, together with other short-term highly liquid investments. Non-derivative financial liabilities (classified as other payables) are stated at amortised cost using the effective interest method. For borrowings, their carrying value includes accrued interest payable, as well as any unamortised issue costs.

The company transacts derivative financial instruments to manage the underlying exposure to foreign exchange and interest rate risks. The company does not transact derivative financial instruments for trading purposes. However, as the company has decided not to hedge account for its derivative financial instruments as permitted under lAS 39, they are accounted for through the income statement. Derivative financial assets and liabilities are stated at fair value, which includes accrued interest receivable and payable where relevant. Changes in fair values are recognised in the income statement in the period in which they arise.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

Period

31.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Wages and salaries

1,185,808

1,049,838

Social security costs

91,197

82,689

Other pension costs

34,307

39,371

1,311,312

1,171,898

The average number of employees during the year was as follows:

Period

31.3.23

Year Ended

to

31.3.25

31.3.24

Employees

44

48

Period

31.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Directors' remuneration

185,925

105,102

4.	OPERATING DEFICIT

The operating deficit is stated after charging:

Period

31.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Other operating leases

21,283

13,898

Depreciation - owned assets

39,989

26,587

Auditors' remuneration

12,155

16,542

Auditors' remuneration for non audit work

4,117

9,520

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

31.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Bank interest

22,443

22,852

6.

TAXATION

Analysis of the tax charge

The tax charge on the deficit for the year was as follows:

Period

31.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Deferred tax

5,576

579

Tax on deficit

5,576

579

7.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Long

and

property

leasehold

fittings

Totals

£

£

£

£

COST

At 1 April 2024

379,000

494,576

113,548

987,124

Additions

-

-

21,331

21,331

At 31 March 2025

379,000

494,576

134,879

1,008,455

DEPRECIATION

At 1 April 2024

69,905

113,983

95,370

279,258

Charge for year

7,584

24,432

7,973

39,989

At 31 March 2025

77,489

138,415

103,343

319,247

NET BOOK VALUE

At 31 March 2025

301,511

356,161

31,536

689,208

At 31 March 2024

309,095

380,593

18,178

707,866

8.	FIXED ASSET INVESTMENTS

The company's investments at the Balance Sheet date in the share capital of companies include the following:

FUW Insurance Services Limited

Registered office: United Kingdom

Nature of business: Insurance brokers

%

Class of shares:

holding

Ordinary

100.00

FUW Properties Limited

Registered office: United Kingdom

Nature of business: Letting of real estate

%

Class of shares:

holding

Ordinary

100.00

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,529

176

Amounts owed by group undertakings

466,008

470,894

Other debtors

-

9,260

Prepayments

31,941

59,726

501,478

540,056

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 11)

465,244

479,536

Trade creditors

84,719

56,889

Amounts owed to group undertakings

1,189,336

1,054,918

Social security and other taxes

100,335

79,808

VAT

39,548

28,610

Other creditors

41,275

32,773

Accruals and deferred income

345,863

298,614

Accrued expenses

132,575

128,850

2,398,895

2,159,998